French Society of Financial Analysts

What French Society of Financial Analysts does

The French Society of Financial Analysts (SFAF, La Société Française des Analystes Financiers) is a Paris-based professional association founded in 1961 that represents financial and extra-financial analysts in France. It serves three constituent groups: (1) financial analysts and portfolio managers as members, (2) listed companies seeking investor communications as issuer clients, and (3) finance professionals pursuing certifications as Academy students. Its core offerings include the Calendrier de Place (Place Calendar), a scheduling tool described as unique in Europe that coordinates approximately 600 financial communications annually between issuers and the SFAF member base; the Académie SFAF, which delivers internationally recognized certifications including CESGA, CIIA, CEFA, CIWM, AWM, and newer programs in climate risk (ECRA), data science in finance (CFDS), and digital assets (DIAM); and event services such as Sector Days, Mid-Cap Value Days (200+ companies hosted), and Site Visits. SFAF is a founding member of EFFAS (1962) and ACIIA (2000), giving its certifications reach across 34 countries and 100,000+ professionals.

SFAF is organized as a non-profit association (association de professionnels) governed by a Board of Directors, currently led by President Florence Priouret (elected July 2025) with General Director Philippe Cordier (joined April 2023). The organization operates from its headquarters at 5-7 avenue Percier, Paris, with a small staff of 11-50 employees supporting approximately 1,200-1,300 members. Its technology stack is modest and appropriate to its profile: a web-based member portal, an e-learning platform for the Academy (6-month access per certification), the Place Calendar scheduling tool, and a documentary database hosting decades of commission work, consultation responses, and research publications. SFAF is not a technology company; its differentiation is institutional.

Revenue is generated through three streams: recurring membership subscriptions (€270 HT/year for Titulaire members plus €257.50 HT entry fee; €140 HT for Correspondant members), professional certification and training fees (CESGA at €1,900 HT for 100 hours, eligible for CPF financing), and professional services to issuers (event organization, Place Calendar registration, audio/video recording). The organization is privately held, has no external investors, and is funded entirely through membership dues, training revenue, and issuer service fees.

Name

French Society of Financial Analysts

Legal name

La Société Française des Analystes Financiers

Website

https://sfaf.com

Company type

Private

Founded year

1961

Operating status

Operating

Headcount range

1–10 employees

Short description

The French Society of Financial Analysts (SFAF) is a Paris-based professional association founded in 1961 that represents financial analysts through membership, issuer services, and the Académie SFAF certification programs. Its Calendrier de Place coordinates approximately 600 listed-company financial communications annually for its 1,200-1,300 members.

Ownership category

akta.pro rank

Product category

Professional Financial Certification and Analysis Services

NAICS

Colleges, Universities, and Professional Schools (6113)

SIC

Services-Educational Services (8200)

akta.pro industry

PRIMARYEDAAALAJ

Financial Services & Insurance (FINRA, CFP, IAR, Insurance CE)

Education/Adult & Continuing Education/Professional Licensure & Continuing Professional Education (CE/CPE)

SECONDARYMPAJACAL

Professional Certification & Training Content Publishing (Exam Prep, CE/CPD)

Media, Entertainment & Sports/Publishing (Books, News, Magazines)/Professional & Legal Publishing (Standards, Compliance, Reference)

Keywords

• Financial analysis association
• Professional certification programs
• ESG analyst certification
• Investor relations events
• Professional membership services

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Membership Fees: Annual membership dues and entry fees from Titulaire, Correspondant, and Associate Student members. Provides access to member services including Place Calendar, events, commissions, and publications.
2. Professional Certifications and Training: Revenue from training programs and certifications including CESGA (1,900€ HT), CIIA, CEFA, AWM, CIWM, and short courses. The Academy SFAF generates fees for course delivery, exam fees, and preparation sessions.
3. Issuer Services: Services to listed companies including event organization (sectoral days, mid-cap value days, site visits), Place Calendar registration, audio/video recording of presentations, and customized accompaniment for investor relations.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

SFAF is a non-profit professional association that delivers three core offerings: (1) annual memberships for financial and extra-financial analysts providing access to the Place Calendar, expert commissions, weekly bulletin, and member directory; (2) professional certification training through Académie SFAF covering CESGA, CIIA, CEFA, CIWM, AWM, CFDS, DIAM, ECRA, and EFRA; and (3) issuer services for listed companies, including Place Calendar registration, sector days, mid-cap value days, site visits, and audio/video recording of presentations.

Product overview

The French Society of Financial Analysts (SFAF) operates as a professional association providing a comprehensive suite of services centered on financial and extra-financial analysis. The core offering includes the Académie SFAF, a training division offering internationally recognized certifications (CESGA, CIIA, CEFA, CIWM, AWM, CFDS, DIAM, ECRA, EFRA) that develop expertise in ESG analysis, investment analysis, wealth management, data science, digital assets, climate risk, and financial risk. Beyond training, SFAF provides member services including the Calendrier de Place (a unique European tool for financial communications), a documentary database, member directory, and commissions/sector groups. For issuers, SFAF offers event services including Sector Days, Mid-Cap Days, and Site Visits. The organization also publishes research through its 'Cahiers Analyse financière' and responds to regulatory consultations.

Differentiator

Problem solved

Functional benefit

Brands

• Académie SFAF: The training academy of SFAF offering professional certifications in financial and extra-financial analysis, including CESGA, CIIA, CEFA, AWM, CIWM, and other specialized programs
• Calendrier de Place

Products and services

• Académie SFAF Recognized training center of SFAF offering internationally certified programs in financial and extra-financial analysis, including CIIA, CEFA, CESGA, AWM, CIWM, CFDS, DIAM, ECRA, and EFRA. Targets finance professionals and students seeking accredited certifications.
• CESGA — Certified ESG Analyst Certified ESG Analyst program delivered by EFFAS, covering ESG integration in financial analysis, regulatory environment (SFDR, CSRD), reporting frameworks, and investment processes. Includes 100 hours of training, 6-month platform access, and first exam attempt.
• CIIA — Certified International Investment Analyst International investment analyst certification delivered by ACIIA, recognized in 34 countries and across 100,000+ professionals on 4 continents.
• CEFA — Certified European Financial Analyst European financial analyst certification aligned with EFFAS standards, part of the Academy's international certification portfolio.
• CIWM — Certified International Wealth Manager International wealth management certification covering investment strategy, asset allocation, and legal/fiscal frameworks for senior positions.
• AWM — Associate Wealth Manager Wealth management certification covering client needs analysis, financial instruments, investment strategies, and legal/fiscal aspects.
• CFDS — Certification Data Science et Finance Data science and finance certification enabling financial analysts to leverage AI and data science tools for investment decision optimization.
• DIAM — Digital Asset & Market in Crypto Asset Digital assets and MiCA regulation certification for professionals seeking to operate in the digital assets market.
• ECRA — Climate Risk Analyst Climate risk certification covering climate risk integration in portfolio management and low-carbon strategies.
• EFRA — Financial Risk Analyst Financial risk management certification covering market risk, credit risk, and asset-liability management with key indicators and evaluation strategies.
• Calendrier de Place (Place Calendar) Unique European tool enabling listed companies to announce their financial and extra-financial communications to SFAF member analysts, ESG specialists, and portfolio managers, preventing scheduling conflicts and ensuring broad reach. Approximately 600 financial communications are facilitated annually.
• Journées Sectorielles (Sector Days) Sector-focused events where 5-6 companies present their activities and strategy to targeted investor audiences including managers, analysts, family offices, and wealth management advisors.
• Journées Valeurs Moyennes (Mid-Cap Days) Events held 10 times per year for small and mid-cap companies to present their strategy and market to specialized managers and analysts; over 200 companies in the €10M-€800M market-cap segment have been hosted.
• Visites de Sites (Site Visits) Operational site visits allowing analysts and investors to gain firsthand knowledge of companies' production facilities and business operations.
• Annuaire des Membres (Member Directory) Exclusive member directory enabling networking with financial professionals within the SFAF community of 1,200-1,300 members.
• Commissions et Groupes Sectoriels Expert commissions and sector groups covering extra-financial analysis, accounting, credit, ethics, valuation, ETFs, and sector-specific topics including aerospace-defense, food, banks-insurance, biotech-health, and energy.
• Base Documentaire (Documentary Database) Database containing commission work, consultation responses, studies, and reference documents available to SFAF members, with archives spanning decades of financial and extra-financial analysis.
• Publications et Positions SFAF Research publications including 'Cahiers Analyse financière', consultation responses to regulators (AMF, EFRAG, IASB, ESMA), market studies, and observatory reports.
• SFAF Membership (Titulaire / Correspondant / Associé étudiant / Membre d'honneur) Annual professional membership in SFAF providing access to Place Calendar, expert commissions, weekly bulletin, member directory, publications, and exclusive events. Multiple tiers available: Titulaire (full access with Place Calendar), Correspondant (without Place Calendar), Membre d'honneur (free honorary), and Associé étudiant (free during training).

Quantifiable outcome

• 600 financial communications facilitated annually through Place Calendar
• +3 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• DogfinanceminorGTM or Marketing Partner · 1 January 2011The first professional social network dedicated to finance, banking, insurance, audit, and IT sectors. Partnership for member networking and recruitment.
• EFFAS (European Federation of Financial Analysts Societies)coreStrategic or Co-development PartnerSFAF is a founding member of EFFAS, established in 1962. EFFAS federates national associations across 21 countries and 14,000+ investment professionals in European debates on international accounting standards, ESG criteria, integrated reporting, and intangibles. SFAF participates in standard-setting through EFFAS.
• ACIIA (Association of Certified International Investment Analysts)coreStrategic or Co-development PartnerSFAF is a founding member of ACIIA, created in 2000. ACIIA comprises 34 national associations and European/Asian federations, reaching 100,000+ professionals across 4 continents. SFAF delivers CIIA diplomas in France and French-speaking Africa.
• INSEEC MSc & MBAminorStrategic or Co-development PartnerPartnership for delivering finance programs. INSEEC provides academic infrastructure while SFAF contributes professional expertise and certification frameworks.
• Université Aix MarseilleminorStrategic or Co-development PartnerAcademic partnership for finance education and research collaboration.
• NEOMA Business SchoolminorStrategic or Co-development PartnerPartnership agreement signed in January 2017 for collaboration on finance education and professional training programs.
• Les Acteurs de la compétenceminorStrategic or Co-development PartnerPartnership for professional competence development and training quality assurance.
• AZEKminorStrategic or Co-development PartnerInternational partner for wealth management education and professional exchange.
• EFFAS AcademycoreStrategic or Co-development PartnerSFAF Academy participates in EFFAS Academy activities and contributed to developing CESGA and CEFA certification curricula. SFAF maintains a seat on the EFFAS Pedagogical Council.
• SKEMA Business SchoolminorStrategic or Co-development PartnerPartnership established in January 2021 for joint programs including the first CESGA cohort in partnership with SKEMA.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Others

• EFFAS (European Federation of Financial Analysts Societies): Federation of national analyst societies of which SFAF is a founding member. EFFAS develops the CEFA and CESGA curricula that SFAF delivers, making it both partner and ecosystem-level peer — comparable scope but at the federation rather than national-association layer.
• ACIIA (Association of Certified International Investment Analysts): International federation through which SFAF delivers CIIA diplomas across France and francophone Africa. Closely comparable mission (international analyst certification) at federation level — partner and adjacent peer.

Direct peers

• GARP (Global Association of Risk Professionals): Non-profit issuing the FRM and other risk-focused certifications. Comparable as a credentialing/association peer, particularly relevant given SFAF's EFRA Financial Risk Analyst offering.
• AIAF (Associazione Italiana per l'Analisi Finanziaria): Italian national association of financial analysts, member of EFFAS/ACIIA, delivering CIIA and operating issuer events in Italy. Closely analogous structure to SFAF and a natural regional comparison.
• CAIA Association: Issuer of the CAIA Charter for alternative investment analysts. Comparable as a specialized financial credentialing association competing for the same pool of mid-career finance professionals SFAF targets.
• CFA Society France: French member society of CFA Institute, the closest domestic peer to SFAF for French financial analysts. Overlaps on member services, networking events, and continuing education — likely the most direct substitute for analyst-level membership in France.
• DVFA (Deutsche Vereinigung für Finanzanalyse und Asset Management): German professional association for financial analysts and portfolio managers, parallel in mission to SFAF. Provides certifications (CIIA delivery for Germany), runs events for issuers, and operates as a national-society peer within the EFFAS network.

Broad incumbents

• ICMA (International Capital Market Association): European-headquartered association for capital markets participants, with adjacent training, certification (ICMA Centre programmes), and market practice standards. Broader in scope than SFAF but serves overlapping fixed-income and capital-markets professionals.
• CFA Institute: Global non-profit issuer of the CFA charter and a direct comparator to SFAF's CIIA/CESGA credentialing franchise. Operates much more broadly (160+ countries) and competes with SFAF for French and European financial analyst candidates seeking recognized certifications.

Emerging players

• IFRI (Institut Français des Relations Internationales) — placeholder for Institut de la Finance / SFAF analog training competitors: French training-focused competitors for finance certification (e.g., ENSAE, Dauphine executive education, Institut de la Finance). Comparable as alternative channels through which French finance professionals obtain credentials and continuing education, partially substituting SFAF Academy.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@SFAF_asso
• LinkedInlinkedin.com/company/societe-francaise-des-analystes-financiers
• Xx.com/SFAF_asso

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about French Society of Financial Analysts